Core Viewpoint - The recent internship program launched by Industrial Bank's private banking division, which offers internship opportunities at prestigious companies in exchange for significant deposits, has sparked widespread public concern regarding fairness and equity in access to opportunities [2][3][7]. Summary by Relevant Sections Internship Program Details - Industrial Bank's private banking division introduced an internship program allowing clients' children to intern at well-known companies like JPMorgan, CICC, Google, and Microsoft, with a requirement of a minimum deposit of 10 million yuan for new non-private banking clients and 5 million yuan for existing clients [2][5]. - The program had 40 available spots and the application period ended recently, confirming its existence through various private banking centers [2]. Public Reaction and Concerns - The program has triggered significant public debate, with many expressing concerns that it exemplifies a "winner-takes-all" mentality, where wealthy individuals can leverage financial resources to gain competitive advantages for their children, thereby limiting opportunities for those from ordinary families [3][4]. - Comments from the public highlight a perception of unfairness, with some questioning whether this practice amounts to a direct exchange of deposits for internship opportunities [2][3]. Industry Context and Implications - The trend of private banks offering educational services, including internships, is becoming more common as they seek to attract high-net-worth clients. This aligns with the broader strategy of providing value-added services that cater to the specific needs of affluent customers [5][6]. - The competitive landscape of private banking is intensifying, with institutions increasingly focusing on services related to children's education to enhance client loyalty and retention [6][8]. Regulatory and Ethical Considerations - Following the backlash, Industrial Bank issued an apology and announced the suspension of the internship program, indicating a need for clearer regulations regarding the boundaries of value-added services in the banking sector [8]. - The incident raises questions about the ethical implications of such practices and the necessity for companies and educational institutions to standardize the allocation of internship resources to ensure fairness and reduce reliance on private channels [8].

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and the EU, highlighting the potential economic impacts and strategic implications of the proposed tariffs and countermeasures. Group 1: U.S.-EU Trade Tensions - The U.S. President threatened to impose a 50% tariff on EU products starting June 1, 2025, which was later postponed to July 9, 2025 [1][2][6] - This situation is referred to as "Tariff War 2.0," indicating a renewed escalation in trade conflicts following a brief period of calm in U.S.-China relations [3][4] - The EU's response to U.S. tariffs is critical, as it is the third-largest economy globally, with approximately 2% of its GDP dependent on U.S. demand [12] Group 2: EU's Countermeasures - The EU has initiated countermeasures against U.S. tariffs, including a detailed list of products worth €95 billion targeted for tariffs, covering various sectors such as aircraft, automobiles, and agricultural products [14][15][16] - The EU's strategy includes not only retaliatory tariffs but also alternative measures like the proposed digital services tax, which could significantly impact U.S. tech companies operating in Europe [20][22] - The EU's internal divisions among member states regarding the response to U.S. tariffs may slow down its reaction, as different countries have varying levels of economic dependence on the U.S. [31][33] Group 3: Strategic Implications - The ongoing trade tensions may provide opportunities for China to strengthen its economic ties with the EU, as both regions navigate their relationships with the U.S. [37][40] - The EU aims to maintain its status as a key ally of the U.S. while also exploring deeper economic relations with China, reflecting a complex geopolitical landscape [41][48] - The article suggests that the EU's internal market barriers could be reduced, potentially enhancing its competitive position against the U.S. [39][37]

Group 1 - The Hang Seng Index opened down 0.4%, with the Hang Seng Tech Index falling 0.32%. Miniso's stock dropped nearly 15%, with the company's first-quarter profit at 417 million yuan, a 29% decrease year-on-year [1] - Hong Kong stocks have shown a strong upward trend this year, attracting significant interest from A-share fund managers, particularly in new technology, new consumption, and pharmaceutical sectors [1] - Morgan Stanley analysts believe that Hong Kong stocks have high allocation value in the medium to long term, despite the need to monitor fluctuations in overseas markets and domestic demand [1] Group 2 - Yu Huan, managing the Great Wall Health Consumption Fund, emphasizes the importance of monitoring industries with improved competitive landscapes and low valuations in Hong Kong's tech and consumer sectors [2] - The Hong Kong stock market has become the best-performing tech market globally this year, driven by solid fundamentals and low valuations, with southbound funds being the main source of buying [2] - The Hong Kong IPO market is expected to see a significant recovery in 2025, providing a crucial window for domestic companies to raise foreign capital [2] Group 3 - CITIC Securities reports that the recent surge in A-share companies going public in Hong Kong is driven by strategic overseas expansion, regulatory conveniences, and improved liquidity in the Hong Kong market [3] - The Hong Kong government has implemented several supportive policies to enhance market liquidity and attractiveness, including lowering stamp duties and optimizing trading mechanisms [3] - The appeal of dividend assets in the Hong Kong market is expected to grow due to anticipated reforms and improvements in international liquidity, making them attractive for medium to long-term investments [3]

Group 1 - The Hong Kong stock market shows resilience with the Hang Seng Index rising by 1.1% and a net inflow of southbound funds amounting to HKD 18.959 billion this week, bringing the total net inflow for the year to over HKD 622.9 billion, a 1.5 times increase compared to the same period last year [1][3] - Dividend sectors, particularly banks, are favored by investors, with China Construction Bank attracting nearly HKD 6 billion in net inflows this week [1][2] - The AH share premium index has dropped to a near four-year low, with the premium of A-shares over H-shares narrowing to 31%, down from a high of 61% in 2024 [3] Group 2 - Southbound funds have shown a preference for the banking sector, with net inflows of HKD 7.196 billion, while the pharmaceutical and telecommunications sectors received net inflows of HKD 4.859 billion and HKD 3.287 billion, respectively [1][2] - Major stocks such as China Construction Bank, Meituan-W, and China Mobile saw significant net inflows, while Tencent Holdings and Alibaba-W experienced net outflows [2] - The overall sentiment in the Hong Kong market is improving, with institutions optimistic about the long-term value of Hong Kong stocks, suggesting a focus on dividend stocks as a stable investment during uncertain times [4] Group 3 - The liquidity of Hong Kong stocks has improved significantly due to the inflow of southbound and overseas funds, with the proportion of Hong Kong Stock Connect holdings increasing from 8% in September 2020 to 20% [3] - The internationalization of the Hong Kong stock market is accelerating, with significant foreign investment interest, as evidenced by the participation of non-U.S. foreign investors in major listings [4] - Analysts suggest that as the U.S. economy weakens and the dollar enters a downtrend, Hong Kong stocks are positioned to benefit from the resulting liquidity influx [4]

2025 年 5 月 23 日 股指期货将震荡整理 黄金、白银、铜、氧化铝、焦煤、 玻璃、纯碱期货将偏弱震荡 PTA、甲醇期货将偏强震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将震荡整理：IF2506 阻力位 3905 和 3933 点，支撑位 3864 和 3850 点；IH2506 阻力位 2726 和 2734 点，支撑位 2698 和 2689 点；IC2506 阻力位 5666 和 5700 点，支撑位 5560 和 5540 点；IM2506 阻力位 60 ...

以下文章来源于东方财富Choice数据 ，作者Choice数据 东方财富Choice数据 . Choice数据是东方财富旗下智能金融数据品牌，是国内领先的金融数据服务商。我们致力于为金融投资机构、学术研究机构、政务监管、媒体和专业投资 者提供金融投资领域多场景解决方案，以及更高效、更精准的投资决策依据。 穆迪下调美国信用评级后，美国失去了最后一家国际评级机构 的"3A评级"。自此，美债的走向就牵动着整个市场。 5月22日凌晨，20年期美债 拍卖令市场大失所望，最终得标利率为5.047%，这是20年期美债拍卖的收益率第二次突破5%大关。受此 影响，美国遭遇"股债汇三杀"。 崩了！美国"股债汇三杀" 当晚，道指收盘跌超800点，大跌1.91%；标普500指数、纳指均跌 超1%。 特斯拉、苹果跌超2%，微软、亚马逊、英伟达跌逾 1%，谷歌涨2.87%。 | ▽ 行情 FICC 选股 | | | | Q | | --- | --- | --- | --- | --- | | A股 | 全球 | 港股 美股 | 基金 | 商品 分类 | | 道琼斯 | | 纳斯达克 | | 标普500 | | 41860.44 | | ...

Group 1: Monetary Policy and Economic Stability - The interbank market loan prime rate (LPR) was lowered for the first time this year, with the one-year LPR dropping to 3.05% and the five-year LPR to 3.5%, indicating a continued accommodative monetary policy aimed at stabilizing economic growth expectations and promoting recovery in the real estate and stock markets [1] - A series of policies aimed at stabilizing employment and the economy are set to be implemented by the end of June, which is expected to enhance investor confidence in economic growth [1] Group 2: Wealth Distribution and Investment Trends - The majority of residents' wealth is concentrated in the real estate market (approximately 50%), while stock market investments are relatively low at under 5% [2] - The significant increase in household savings, reaching 160 trillion yuan, presents an opportunity for capital markets to attract these savings, thereby boosting consumption and economic recovery [2] Group 3: Market Dynamics and Investment Opportunities - Many quality assets have become undervalued, presenting high cost-performance ratios, particularly in the technology sector, which has seen a bull market emerging in both A-shares and Hong Kong stocks [3] - Consumer blue-chip stocks with strong brand value are becoming a focus for capital allocation, as they offer stable dividends and growth potential, especially given their historical low valuations [3] Group 4: Trade Relations and Economic Growth - The trade tensions initiated by the U.S. have led to significant market volatility, but coordinated efforts have helped stabilize the capital markets, with expectations of a recovery in investment, exports, and consumption, aiming for a GDP growth target of around 5% for the year [4]

- The "XinXuan ETF Absolute Return Strategy" utilizes a "drawer method" to test equity ETFs in the market, aiming for both absolute returns and long-term relative returns compared to A-share equities. The strategy achieved an annualized return of 14.23% over the past three years, with a maximum drawdown of 8.6% and a Sharpe ratio of 1.44 during in-sample testing. From 2024 to date, the strategy's total return is 32.01%, outperforming equal-weighted ETFs by 17.98%, with a Sharpe ratio of 1.16, maximum drawdown of 6.3%, and volatility of 17.9%[11][30] - The "All-Weather Multi-Asset Multi-Strategy ETF Risk Parity Strategy" combines industry rotation, style rotation, and size rotation strategies to enhance ETF precision and returns. It employs risk parity to reduce portfolio volatility by diversifying assets across commodities (e.g., gold ETFs), U.S. equities (e.g., S&P 500 ETFs), domestic equities, and domestic bonds (e.g., 10-year and 30-year government bond ETFs). The strategy achieved a return of 18.81% from 2024 to date, with a maximum drawdown of 3.62%, volatility of 4.49%, and a Sharpe ratio of 2.49[14][16][30] - The "China-US Core Asset Portfolio" integrates four strong-trend assets (white liquor, dividends, gold, and Nasdaq) using RSRS timing and technical reversal strategies. From 2015 to date, the portfolio achieved an annualized return of 33.85%, outperforming equal-weighted indices by 14.45%, with a Sharpe ratio of 1.63, maximum drawdown of 18.23%, and volatility of 17.89%[20][30] - The "High Prosperity/Dividend Rotation Strategy" alternates between high-growth and dividend-focused ETFs based on signals. For high-growth signals, it allocates 50% to the ChiNext ETF and 50% to the STAR 50 ETF. For dividend signals, it allocates to low-volatility dividend ETFs and central SOE dividend ETFs. From 2021 to date, the strategy achieved an annualized return of 19.13%, outperforming equal-weighted indices by 21.9%, with a Sharpe ratio of 0.86, maximum drawdown of 22.91%, and volatility of 24.27%[23][30] - The "Dual Bond LOF Enhanced Strategy" adjusts weights between dual bond LOFs and other assets (e.g., Nasdaq, white liquor, and CSI Dividend ETFs) based on weekly volatility normalization. This approach increases bond weight due to their lower volatility. From 2019 to date, the strategy achieved an annualized return of 6.81%, with a Sharpe ratio of 2.56, maximum drawdown of 2.42%, and volatility of 2.57%[26][30] - The "Structured Risk Parity Strategy (QDII)" replaces the XinXuan ETF pool with a mix of domestic long-term bond ETFs, QDII equity products, gold, and domestic dividend ETFs. From 2024 to date, the strategy achieved a return of 22.52%, with a maximum drawdown of 2.38%, volatility of 4.94, and a Sharpe ratio of 2.75[27][29][30]

Group 1 - The core viewpoint indicates that the U.S.-China tariff negotiations are in three phases: the first phase is pessimistic, the second phase shows recovery, and the third phase remains a long-term "game" with a specific order and rhythm that should not be rushed. The progress and reduction of tariffs are better than market expectations, leading to significant inflows into U.S. stocks and improved market sentiment. Currently, comprehensive tariffs from the U.S. on China remain around 50% + 24% pending, suggesting that while the "deadlock has been broken," the "final outcome is still far off" [1] - In the context of major assets recovering to their April 3 highs, A-shares are expected to maintain a period of high-level fluctuations. The report suggests focusing less on indices and more on bottom-up performance opportunities, reducing chasing of rallies and preparing for the market in June and July [1][5] - The report ranks major asset classes for the third phase of tariffs, indicating that among QDII investable assets, German stocks are preferred over Japanese and Hong Kong stocks, followed by U.S. stocks and U.S. Treasuries. Gold is suggested for short-term trading opportunities around the 3100-3150 range [1][6] Group 2 - The A-share market is experiencing a strong rebound due to the easing of U.S.-China tariff agreements, but there is a risk of subsequent pullbacks as most broad indices have filled gaps from early April, limiting upward space. The report emphasizes a strong motivation for funds to realize gains [5][36] - The report highlights that the valuation of the CSI 300 has recovered to within one standard deviation, moving away from extreme undervaluation. It also notes that public fund positions have been adjusted downwards, and the market is expected to experience short-term fluctuations with a focus on structural opportunities in dividend stocks and sectors benefiting from domestic demand [5][36] - In the Hong Kong market, trading sentiment remains low, with net selling from southbound funds. The report indicates that the focus of increased buying is on defensive sectors, while technology stocks have seen significant net selling [39][40] Group 3 - The report indicates that the U.S. stock market is showing medium-level positions, with recent economic data being mixed and not supporting stagflation assumptions. The report suggests maintaining a wave trading strategy and being cautious about profit-taking [32][36] - The report notes that the Japanese stock market has seen a significant pullback, suggesting that investors should gradually take profits as the index approaches previous highs [33] - The report emphasizes that the overall sentiment in the Hong Kong market is pessimistic, with a shift towards defensive sectors and significant selling in technology stocks. The report also highlights the recent improvement in domestic economic fundamentals, which is favorable for the Hong Kong market [39][44] Group 4 - The report suggests a focus on high-dividend cash flow and small-cap technology stocks in the A-share market, indicating a "barbell" strategy for investment. It emphasizes the importance of sector selection, particularly in banking, electricity, innovative pharmaceuticals, and robotics [36][46] - The report indicates that the small-cap style is currently favored, with short-term market interest rates declining, benefiting small-cap performance. However, it warns of potential trading crowding risks in the CSI 2000 [47] - The report highlights the ongoing demand for gold as a hedge against tariffs and potential economic weakness in the U.S. in June, suggesting that gold remains a good choice for short-term trading opportunities [48]

资金从何而起 [Table_Authors] 吴信坤(分析师) ——港股资金跟踪新范式 1 本报告导读： ①基于属地来源和历史交易行为的"两步法"核心框架将港股资金面拆分为长短线 外资、内资、港资等各类资金。②拆分后资金存量规模显著分化，过去以来外资占 比虽下滑但仍延续主导，南向定价权边际提升。③长短线外资在交易的换手频率和 方向变动上存在差异，南向通常会逆势买入，近期外资流出而南向流入的格局仍延 续。 投资要点： 登记编号 S0880525040084 陆嘉瑞(研究助理) 021-38676666 登记编号 S0880125042248 风险提示：部分资金数据为估算值，与真实情况或有出入。 策 略 研 究 策略研究 /[Table_Date] 2025.05.17 2025-05-18 请务必阅读正文之后的免责条款部分 海 外 策 略 研 究 证 券 研 究 报 告 021-38676666 登记编号 S0880525040061 余培仪(分析师) 021-38676666 [Table_Summary] 基于历史交易行为辨别外资属性的核心框架。通常而言，微观资金 面的跟踪源自各类投资者资金流动的汇总，港股 ...